Mississippi Postal Employees Federal Credit Union recently announced they have changed their name.  The credit union's new name is Eagle Express Federal Credit Union.

 

Magnolia Federal Credit Union recently welcomed their new President/CEO, Michael P. Waylett. Originally from Charlottesville, Virginia, Michael comes to the credit union from Raleigh, North Carolina. He holds a B.A. Degree in Financial Economics from Lynchburg College and will soon complete his Master of Business Administration (M.B.A.) at Liberty University.

Michael began his credit union career over seven years ago as a Credit Union Examiner for the National Credit Union Administration (NCUA).  He has held the CEO/President position for two different credit unions-Memorial Credit Union in Chattanooga, Tennessee and Vision Financial Federal Credit Union in Durham, North Carolina. He currently serves on the Credit Union National Association's (CUNA) Examination & Supervision Subcommittee, is a Credit Union Development Educator (CUDE), and a Certified Credit Counselor.

Michael and his wife, Bethany, have two children ages 3 and 5 and will reside in Madison, Mississippi.

The 2015 Credit Unions for Kids (CU4Kids) fundraising totals for Mississippi are in!  Through CU4Kids, Mississippi credit unions contributed a total of $44,929.99 to benefit children's hospitals in the Children's Miracle Network.

Contributing $17,515.47 was Statewide FCU (pictured below), earning the credit union the top spot for 2015 contributions.

Credit unions supporting CU4Kids in 2015 included 1st Mississippi, Ferguson, Jackson Area, Keesler, Magnolia, Members Exchange, Mississippi Federal, Eagle Express (formerly Mississippi Postal Employees), Mississippi Public Employees, Mutual, Old South & Singing River.

Crash events are specific for young credit union professionals which are planned alongside an existing credit union conference.

A big part of these meetups are our 'Crash' sessions, in which industry mentors lead our groups in open conversations around topics such as leadership, social responsibility, innovation, and more.

Some events also offer workshops which help develop skills of our young professionals; from innovation to business model generation - there is something for everyone.

Crash has four upcoming events you can apply for (application deadlines for each event noted in parenthesis):

• Crash the Cornerstone Leadership Expo (7/22)
• Crash CUNA Tech & OpSS Councils (8/12)
• Crash CUNA Lending Council (8/31)
• Crash big. bright. minds. (8/31)

Get the details here.

By Louis Grilli, Director of Payment Strategy at CSCU

Financial institutions have always had their work cut out for them trying to make sure that when a member or cardholder reaches for a card to pay with, it's their card; in other words, being top-of-wallet. But using mobile apps to pay adds a new twist. Now, the mobile phone user needs to actively choose which card to add to the mobile app and most apps allow more than one card.

For example, you can use a corporate card when on business travel and a personal card when close to home. So, the challenge today is not how to stay "top-of-wallet" but rather "top-of-phone". Importantly, how does a credit union ensure that their debit or credit card is being loaded into their member's apps?

The first step is agreeing to participate in the mobile wallet. ApplePay, for example, requires each financial institution to sign a separate agreement in order to allow their card BIN range to be used in Apple Pay. Some credit unions and banks have either chosen not to or are sitting on the sidelines.

Next is incentives. If a member wants rewards points, they will want to load the card that gives them points. Will that be the card your credit union issued? Some issuers are taking extra steps with their rewards programs, offering double points or limited-time statement credits when their branded card is loaded into a mobile wallet.

This can be the deal-breaker for many cardholders. When the promotion period ends, Newton's Law of Motion usually applies. After going through the effort the first time, a cardholder probably won't change which card they are using in their mobile wallet. This is because pulling a different card out of a leather wallet is way easier than changing card credentials in a mobile app.

SEATTLE (June 27, 2016) - Credit unions certified as Community Development Financial Institutions can do more to serve members and their communities, and National Credit Union Administration Board Chairman Rick Metsger encouraged qualified credit unions to seek certification.

"Credit unions are uniquely positioned to advance the goals of the Community Development Financial Institutions Program," Metsger said, "and I encourage every qualified credit union to make CDFI certification a priority in the next few months. Increasing the number of credit unions with this certification will allow significant dollars to be put to work helping people of modest means meet their financial needs. This is the core of the credit union mission."

Metsger spoke at the Credit Union National Association's annual America's Credit Union Conference here today.

NCUA earlier this year signed a partnership agreement with the U.S. Treasury Department's Community Development Financial Institutions Fund to streamline the certification application process for credit unions with the low-income designation. At the beginning of this year, there were 295 federally insured credit unions with CDFI certification, and Metsger said NCUA hopes to add more than 200 to that by the end of the year. There is no charge to apply for certification.

In this streamlined application process, NCUA will analyze a low-income credit union's products and services and other indicators showing the likelihood it will qualify for certification. The credit union must submit data to NCUA on its loan originations and identify its target market. If the credit union is qualified, NCUA will provide an application form and the data necessary to complete it.

Certification gives credit unions more resources to expand products and services and make investments in their communities, Metsger said.

"Certified credit unions have access to grant funds that can help them assist the underserved, build financial capacity among members and bring new businesses into their communities," he said. "I would add that the benefits of CDFI certification do not mean NCUA examiners will be visiting more often."

NCUA's Office of Small Credit Union Initiatives can help credit unions with questions about the certification process, Metsger said. The agency has an online video series that explains the certification process, and a recent webinar on certification will be available online soon.

The Senior$afe Act of 2015 is an important step toward improving protection of seniors from financial abuse, CUNA wrote to the House of Representatives Tuesday. Continue reading here.

 

Firm labor markets and increasing consumer spending means credit risk is likely to remain low in most areas, according to a new Economic Update video released today by the National Credit Union Administration.

 

Here are seven steps to performing a review of your marketing plan to ensure success for the second half of 2016: Continue reading here.